PRATO Italy - Oct 13 Italy's banking
association chief said on Saturday a planned financial
transaction tax, a so-called Tobin-tax, that Rome and 10 other
euro zone countries are due to adopt in the future would not
damage the country's lenders.
If everyone applies the tax correctly, it would not cause
any specific damage, said Giuseppe Mussari, the Italian Banking
Association's (ABI) president, on the sidelines of a conference
"Europe is marching steadily towards this measure. It has to
be applied with a supranational approach and with attention."
The initiative has been pushed hard by Germany and France but
strongly opposed by Britain, Sweden and others. Critics say it
could distort the EU's single market by giving financial
companies incentives to shift business to European centres where
the tax is not levied - or away from Europe altogether.
According to a European Commission proposal the levy is set
to be 0.1 percent on bond and stock trades and 0.01 percent for
The head of Assosim, an association of 80 Italian financial
institutions, said on Thursday that based on a similar levy
already in force in France, annual revenues would likely be no
more than around 1 billion euros in Italy.
Details on how the tax would work are still sketchy, and it
may take two years before the necessary legislation is in place.
(Reporting by Silvia Ognibene; editing by Keiron Henderson)